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The immediate priority in UK-EU relations is to implement the Trade and Cooperation Agreement effectively, minimising disruption to existing flows. Implementation will however be insufficient to safeguard current trade, and with this in mind, the UK and EU should look to develop the relationship in the following areas:
- Secure data adequacy and deepen provisions on digital trade
- Establish regulatory dialogues, starting with financial services, as part of financial services equivalence
- Develop new trade rules for modern challenges, such as climate change, animal welfare and anti-microbial resistance
- Maintain membership of European standardisation bodies
- Reach Mutual Recognition Agreements to address testing of industrial goods, and veterinary equivalence for food products
- Explore membership of major European regulatory bodies on issues such as aircraft safety (EASA)
- Expand cumulation of rules of origin for preferential tariffs either with Japan or PEM (Pan-Euro-Mediterranean) countries
- Reconsider UK participation in Erasmus
- Re-establish mutual recognition of professional qualifications
- Cooperate in renewing the global trade system
Such a package would not be akin to membership of the single market and customs union. Rather, it would place UK and EU relations on a more appropriate footing than a thin trade deal, something the UK Government has recognised in a number of areas. This does involve, in particular, deeper cooperation on regulations, to support trade.
The new agreement is underpinned by a regular programme of dialogue between the UK and the EU. It will be through this that the two sides can start to build a renewed relationship and, potentially, deeper agreements.